The affirmation follows the bank's announcement on 11 January 2013 that it would defer the
coupon on the instrument. The affirmation reflects the cumulative nature of the coupon deferral,
the fact that deferral has only been announced for 2013 and the absence, to Fitch's knowledge,
of any plans to write down or convert into equity the remaining outstanding securities.

The rating of the instrument could be downgraded if the bank's Viability Rating ('b-') was
downgraded or if the securities are written down or converted. The instrument rating could be
upgraded if the instrument becomes performing again and the bank's Viability Rating was
upgraded.